Key Highlights
- Zaggle to acquire 100% stake in Greenedge Enterprises for up to ₹25 crore
- Board also approved additional investment of up to ₹25 crore in Greenedge
- Transaction to be completed within 45 days through cash consideration
- Greenedge reported revenue of ₹19.82 crore in FY24, compared to ₹13.67 crore in FY23
- Company specializes in golf-based corporate engagement and loyalty rewards
Zaggle Prepaid Ocean Services Limited has announced that its Board of Directors has approved the acquisition of a 100 percent equity stake in Greenedge Enterprises Private Limited for a consideration of up to ₹25 crore. Alongside this, the company has also approved an additional investment of up to ₹25 crore in Greenedge, which will be made in one or more tranches.
The acquisition will be executed through a Share Purchase Agreement, while the investment will be carried out under a Share Subscription Agreement. The transactions are expected to be completed within 45 days, and both will be funded entirely through cash consideration.
Greenedge Enterprises, incorporated on March 9, 2009, operates in the loyalty, experiences, and rewards space, with a niche focus on golf-based corporate engagement. The company also provides rewards and benefits through partnerships such as the RuPay card by NPCI. Over the last three financial years, Greenedge has demonstrated steady growth, with revenue increasing from ₹7.28 crore in FY22 to ₹13.67 crore in FY23 and further rising to ₹19.82 crore in FY24.
As part of the acquisition, Zaggle will purchase 1,30,000 equity shares, representing the full paid-up capital of Greenedge. In addition, the proposed investment will cover 1,62,548 additional shares to further strengthen the capital base of the acquired entity.
Zaggle stated that the acquisition will significantly strengthen its product offerings in the loyalty and rewards segment, while also enhancing its presence in the travel and Propel business lines. The company believes that integrating Greenedge’s expertise will add value to its solutions portfolio and improve customer engagement.
The total outlay for the acquisition and investment is expected to reach up to ₹50 crore, which the company views as a strategic move to reinforce its long-term growth plans in the loyalty and rewards ecosystem.